IdentityMind Global’s compliance, risk management and fraud prevention platform has integrated CipherTrace’s digital currency risk assessment technology.
According to the RegTech the integrated solution allows virtual currency exchanges, ICOs, hedge funds, financial institutions, and any company that accepts cryptocurrency to ‘understand the risk they present’.
Together IdentityMind and CipherTrace will provide a complete anti-money laundering (AML) analysis tool for cryptocurrency. The solution will be used for assessing the risk of the wallet and addresses involved in a transaction, providing a risk score, ensuring both sides of a transaction are not connected, and creating alerts when predefined dollar limits are reached.
If there is suspicious activity, the IdentityMind platform can pre-populate a suspicious activity report (SAR).
“We’re excited to partner with IdentityMind Global,” said David Jevans, CEO, CipherTrace. “IdentityMind and CipherTrace offer the ideal fusion of know your customer (KYC) and virtual currency anti-money laundering (AML) in one complete, integrated solution for virtual currency exchanges and financial companies. Virtual currencies are an important, emerging area within the world’s fast-growing digital economy.
“Working together, we make sure that virtual currencies are legitimate, safe, investable and globally transactable, while meeting compliance requirements of regulatory bodies worldwide.”
Founded in 2015, CipherTrace develops cryptocurrency Anti-Money Laundering, bitcoin forensics, and blockchain threat intelligence solutions. Exchanges, banks, investigators, regulators and digital asset businesses use CipherTrace to trace transaction flows and comply with regulatory anti-money laundering requirements.
“The rapid rise of virtual currencies in today’s global digital economy is irrefutable,” said Jose Caldera, chief products and marketing officer, IdentityMind Global. “But for that growth to continue and scale significantly, it’s critical to identify the individual behind the digital transaction. That’s what we do.”
IdentityMind is currently working with over 50 virtual currency exchanges and over 10% (almost 200) of all companies worldwide conducting a compliant initial coin offering (ICO) or security token offering (STO).
IdentityMind Global recently launched a RegTech webstore to enable firms to integrate KYC and AML compliance functions. The online store, dubbed IdentityMind Webstore, will allow firms located anywhere in the world to integrate regulatory compliance functions directly into their solutions. It is designed to be completely self-serve where customers can select a “plugin”, try a free demo if desired, prepay with a credit card (with virtual currencies and other payment methods soon to be available), and be up and running.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
